EOS price corrected lower, but remained supported above $5.00 against the US Dollar. EOS is likely to bounce back and dips remain supported versus USD, BTC and ETH.

Key Talking Points

This past week, EOS followed other cryptocurrencies (bitcoin, Ethereum and litecoin) and corrected lower against the US Dollar. EOS price formed a new yearly high near the $6.009 level and later started a strong downside correction.

The chart above indicates that EOS price corrected below the $5.65 and $5.45 support levels. There was also a break below the $5.40 level and a connecting bullish trend line on the same chart.

Sellers gained traction and pushed the price towards the $5.05-5.10 support area, where buyers emerged. A swing low was formed at $5.086 and recently the price moved above the $5.25 level and the 23.6% Fib retracement level of the last decline from the $6.009 high to $5.086 low.

However, the upward move was capped by the $5.60 level and the 50% Fib retracement level of the last decline from the $6.009 high to $5.086 low.

The price trimmed gains and declined towards the $5.20 level plus the 100 simple moving average (4-hours). There is also a major bullish trend line formed with support at $5.20 on the same chart, acting as a strong barrier for sellers.

On the upside, the price must clear the $5.50 and $5.60 resistance levels to start a fresh increase in the coming sessions. The next resistance is at $5.85 and $6.00.

On the downside, if there is a break below the $5.20 support and the 100 SMA, EOS price may retest the $5.05 support area. Any further losses might increase chances of a break below the $5.00 support area in the near term.

The market data is provided by TradingView.

The post EOS Price Remains Supported On Dips Versus USD, BTC and ETH appeared first on Ethereum World News.

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